First time Buyer with bad credit

sun_is_shining

Hello

Looking for a bit of advice.

Me and my partner want to buy a house but i have bad credit, mainly based on an overdraft and falling behind with council tax payments (which this is the last month i have to pay to have caught up with arrears). Is there any chance of getting a mortgage. How much would we have to save up to even start thinking about buying?

Any advice would be greatly appreciated.

Thanks

Conrad

'Bad credit' is a catch all term, so we'd need more detail.

What exactly is on your credit file - amounts, type of adverse credit, dates applied and dates settled / paid off.

beecher2

You'd have to save up a minimum of 10% of the house cost, plus an extra few thousand for fees, regardless of how your credit file looks.

sun_is_shining

Thanks. i've not had a credit score check as yet, although am thinking about doing that to see what exactly my credit is. can anyone maybe advise a good site to get your credit score and i can then give more details.

beecher2

Have a look here

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Conrad

As others have said elsewhere, credit scoring by third party agencies such as Experian, is only part of a lenders approval process so don't be too attached to these third party credit scores as lenders use thier own systems.

herbiesjp

Until you know the details on your credit report nobody can give any indication as to what is available to you.

Do not worry about paying for the credit "score" with these people, as it is the score you get with a lender that is important - and all lenders work differently.

If you do have adverse credit then it is unlikely you will get a 90% mortgage - but again it depends on the details.

What are your incomes?
What purchase prices are you looking at?
What money can you put down as a deposit?
Do you have any other debts?

These are just some other questions that we would need answers to.